UiPath Down In Pre-market Following Cautious Outlook

(RTTNews) - Shares of enterprise automation software company UiPath Inc. (PATH) are down more than 15% in pre-market on Thursday following a tepid outlook provided by the company for its first quarter as well as full year.

"Looking ahead, we feel confident in our market leading position in automation and prospects for future growth at scale but believe it is prudent at this time to factor both our European exposure and go-to-market leadership transition into the financial outlook we are providing this afternoon," commented Daniel Dines, UiPath Co-Founder and Chief Executive Officer.

For the fiscal first quarter, UiPath expects revenue to be in the range of $223 million to $225 million. On average, 19 analysts polled by Thomson Reuters expect the company to report revenue of $245.7 million.

For the full year, revenue is expected between $1.075 billion and $1.085 billion. The consensus estimate stands at $1.17 billion.

The company reported net loss of $63.11 million or $0.12 per share in the fourth quarter, compared with breakeven earnings in the year-ago period.

Excluding one-time items, earnings of $0.05 per share beat the consensus estimate at $0.03 per share.

Revenue for the quarter increased 39 percent year-over-year to $289.7 million.

PATH closed at $29.04, down $2.36 or 7.52%. It is currently trading in pre-market at $24.50.